Saudi Aramco Q2 profits drop 38% on lower prices: statement

Oil firm Saudi Aramco on Monday announced profits of $30.08 billion for the second quarter, a sharp fall from the same period last year when prices surged after Russia invaded Ukraine.

The 38 percent year-on-year decline “mainly reflected the impact of lower crude oil prices and weakening refining and chemicals margins,” the largely state-owned company said in a statement published on the Saudi stock exchange.

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